Published by Finextra, in association with HID Global — this white paper explores new trends in digital identity and highlights some of the more advanced responses in the financial sector, from both a regulatory and business case perspective. It also offers guidance on how well-positioned financial institutions are to take advantage of these developments.
Being able to prove you are who you say you are is the basic underpinning of many economic activities; traditionally, this proof has come in the form of personal interactions and physical documentations.
But over the past 20 years, the concept of digital identity has emerged, with varying definitions. Several long-term trends that have been building over the past decade are combining to transform digital identity and the way consumers and businesses interact and transact in the economy.
In the coming years, digital identification and authentication will be radically different than the simple username and password combination that has persisted since the dawn of the digital age. Financial institutions, with their extensive experience in identity assurance and their trusted role within the economy, are well placed to play a central role in these developments.